We Have Borrowed Too Much-Kemi Adeosun

By Ikenga Chronicles July 12, 2017

We Have Borrowed Too Much-Kemi Adeosun

While the Nigerian government continues to wonder about where it will get money to cover the $7.5 billion 2017 budget shortfall, Minister of Finance, Kemi Adeosun has now said that the country cannot afford to borrow any more money. Mrs Adeosun made this known in Abuja, the capital of Nigeria.

The Finance Minister is of the opinion that the country has borrowed too much, and must now find a way to raise funds domestically;

“We cannot borrow anymore, we just have to generate funds domestically enough to fund our budget. Mobilize revenue to fund the necessary budget increase.”

Mrs. Adeosun’s position throws into question the $3.5billion loan the country had planned to raise from the World Bank, African Development Bank and International Debt Markets, to help cover the $7.5billion budget deficit.

Recall that the Federal Government had signed off on a N7.44trillion budget,which it hoped would help the country “spend its way through recession”. It is now unclear where the deficit would come from.